Technically, the 2-hour chart indicators are moving higher in the bullish territory.
Ether Price Analysis
There were further downsides noted in ETH/USD below the $285.00 support. However, losses were limited as the pair bounced back above $285.00 and there was no 2-hour close below $285.00.
ETH/BTC remained in a bearish zone below the important support at 0.0400BTC. If the pair continues to stay below 0.0400BTC, it could extend declines toward the 0.0380BTC level.
Starting with the 30-minute chart of ETH/USD, the pair clearly failed to surpass the $292.50 resistance and started a downward move. It traded below the $290.00 level and a connecting bullish trendline at $289.00.
There was a sharp bearish move and the price spiked below the $285.00 support. Ether traded as low as $282.07 and later bounced back. However, it seems like the $292.00 resistance is a strong sell zone as buyers failed to clear it once again.
The price is currently correcting toward a bullish trendline on the same chart with support at $286.00 plus the 50 percent Fibonacci retracement level of the recent wave from the $282.07 low to $292.45 high.
Moving up to the 2-hour chart of ETH/USD, there is a significant declining channel formed with resistance near $290.00. On the downside, the $285.00 level is a strong support followed by the channel support at $281.00.
If Ether buyers need control, a close above the channel resistance and the $292.50 resistance is a must. Should they succeed, Ether’s price will most likely retest the $300.00 hurdle.
The last two candles on the 2-hour chart are bullish, indicating a positive structure for a push above the $290.00 resistance in the near term.
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.
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Technically, the 2-hour chart indicators are moving higher in the bullish territory. Ether Price Analysis
There were further downsides noted in ETH/USD below the $285.00 support . […]